GREENVILLE, N.C., April 19, 2012 /PRNewswire/ -- For the quarter ended March 31, 2012, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $421,000, or earnings per share of $0.18, compared to net income of $254,000, or earnings per share of $0.11, for the same period in 2011.
As of March 31, 2012, the Company reported total assets of $239.5 million, an increase of 21% over total assets of $197.9 million as of March 31, 2011. Total deposits grew 24% to $192.4 million and total loans are up 18% to $178.9 million, over total deposits of $155.6 million and total loans of $151.5 million reported March 31, 2011.
"We are pleased to report our twenty-eighth consecutive quarterly profit, improved earnings, solid growth and excellent asset quality," said Mark A. Holmes, president and CEO of Select. "Our first quarter 2012 net income is up 66% over the first quarter 2011. The quality of our loan portfolio remains strong. Past due and non-accrual loans were 1.3 million or 0.70% of outstanding loans at March 31, 2012 and our allowance for loan losses was $3.2 million or 1.78% of outstanding loans. This speaks to our credit culture, the strength of the markets we serve and our continued adherence to a common sense approach to banking."
"On January 13, 2012 we completed the acquisition of Bank of Atlanta's Gibsonville Community Bank office. Don Jennings and his team are enjoying a successful start as they bring Select's common sense approach to banking to Gibsonville and the eastern Triad."
Select Bank & Trust is a community bank headquartered in Greenville, NC and serves Greenville and Pitt County through its headquarters office at 3600 Charles Boulevard, a second Greenville location at 3800 East Tenth Street, Elizabeth City and Northeastern North Carolina from 104 Nance Court just off Halstead Boulevard, Washington and Beaufort County from 155 North Market Street, Suite 103 in downtown Washington and Gibsonville and the Eastern Triad from 220 Burlington Street in downtown Gibsonville, NC.
The information as of and for the quarter ended March 31, 2012, as presented is unaudited. This news release contains forward-looking statements. Actual results may differ materially from those projected, for various reasons, including our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market.
SOURCE Select Bancorp